We at WFG National Title want to thank you! We understand you have options when it comes to title and escrow, and it’s the greatest compliment that you choose us! It’s our goal that every client

has a superior customer experience with our company because we understand that good customer service isn’t enough. We welcome any feedback you have as it is our goal to collaborate with our

clients to constantly improve our processes. In the future when you need title and escrow solutions we hope you use WFG National Title.

OUR GOAL

At WFG we take time

and cost out of real

estate transactions.

Williston Financial Group and its affiliates

are dedicated to taking time and cost out

of real estate transactions. By focusing on

the client and their processes, WFG will help

compress the time required to close a loan

and/or transfer real property ownership.

By empowering industry professionals with

integrated technologies, WFG will provide

efficient high quality products and services.

By enabling client processes, WFG will

Increase closing rates. By minimizing

corporate infrastructure, WFG will avoid

operating a costly hierarchical organization.

SERVICES WE PROVIDE

TABLE OF CONTENTS

SELLING BY OWNER VS. HIRING AN AGENT

AWARDING YOUR LISTING TO THE RIGHT AGENT

Following are some questions you may want to ask during your interview:

1. Agent’s Name and Affiliated Real Estate Company

2. Experience level, full time or part time, experience in your local area.

3. Number of sales completed locally for the past 12-18 months.

4. Examine and compare the marketing plan presented for selling your home.

5. Compare the listing prices suggested and find out how they arrived at it.

6. Compare the commission rate of each Agent and what they will do for it.

7. Compare the length of the required listing agreement periods.

8. Does the Agent appear to be concerned with your specific listing?

9. Does this person seem like the kind of person you could work with?

10. Check out their references / referrals carefully and make sure they are valid.

Should you make the decision to list your home with a qualified Agent, please contact

WFG – we work closely with the top agents in your neighborhood and we will connect

you with professionals that have the highest standard of ethics, professionalism and

offer first class service

WHERE BUYERS COME FROM

THE LENDER

There are many advantages to working with a reliable, professional lender.

Some of their very important services are as follows:

PRE-QUALIFICATION OF ALL PROSPECTIVE BUYERS: Your lending professional

should pre- qualify each potential buyer to ensure that they are sufficiently

qualified by thorough examination of their credit status and current financial

situation. This is extremely important to eliminate wasted time negotiating with

unqualified buyers.

ABILITY TO FIND THE RIGHT LOAN AT COMPETITIVE PRICES: A reliable lending

professional will shop for the best loan and the best possible price. This affords

the borrower the freedom to select the loan best suited for their needs at the

best pricing, without having to shop all over town.

EFFICIENT FOLLOW-UP AND TEAMWORK: Once the transaction has been

negotiated, the lender works hand in hand with the other support team

members to ensure that the loan is approved and funded in a timely manner.

They locate and handle any unforeseen situations before it becomes a problem,

and keeps you informed of all important details along the way.

A GOOD LENDER WILL HANDLE POTENTIAL BUYERS WITH CARE AND CONFIDENTIALITY

BUYER FINANCING OPTIONS Qualify At-A-Glance

Type Mortgage Type Mortgage Type Mortgage

Rate Rate Rate

Term Term Term

Down Payment Down Payment Down Payment

Mortgage Amount Mortgage Amount Mortgage Amount

Monthly Principal & Interest Monthly Principal & Interest Monthly Principal & Interest

Association Dues Association Dues Association Dues

PMI PMI PMI

Monthly Homeowners Insurance Monthly Homeowners Insurance Monthly Homeowners Insurance

Monthly Taxes Monthly Taxes Monthly Taxes

Total Monthly Payment Total Monthly Payment Total Monthly Payment

Buyers Estimate Monthly Income

(Total Monthly Payment: 28%)

Buyers Estimate Monthly Income

(Total Monthly Payment: 28%)

Buyers Estimate Monthly Income

(Total Monthly Payment: 28%)

Rates and terms are subject to change without notice. This material is intended for example purposes only. Adjustable rate mortgage calculations are for initial rate only. No APR’s are quoted.

THE TITLE COMPANY’S ROLE

®

THE ESCROW—YOUR “NEUTRAL PROTECTION”

Escrows in California are preformed by banks, saving & loans and title companies as well as independent escrow firms which are

licensed by the state of California, and their records are open to inspection by the Corporation Commissioner. In addition, escrow

companies furnish the state with annual audits of their books, and all escrow funds must be kept in trust accounts. Thus, the state

helps ensure that escrow companies are properly managed and truly act as impartial parties to any real property transaction.

Escrow companies are generally held liable if any instructions are violate during the course of an escrow. No changes may be made

to any escrow instructions if changing them would be detrimental to any party involved. It is possible to change instructions once a

property has “entered escrow,” however, if all instructions cannot be carried out by the end of the time limit, all parties involved are

entitled to the return of document, fees, funds, and other related materials. They also may mutually agree to extend the time period

by changing the instructions.

The term “escrow” has come to mean “neutral protection” for the seller, the lender and the buyer. All parties involved in the transfer

of real property are impartially protected during the transaction, and are serviced by the professionals intent on ensuring a smooth,

trouble-free sale. Look for an escrow company that clearly defines its services, and which lists all fees and charges “up front”.

Escrow is an indispensible necessity in today’s marketplace. If you need further explanations during the process, always consult

your escrow officer. The escrow company is, indeed, a neutral third party, and its job is to make sure all sale conditions are met

quickly and efficiently.

CHOOSING YOUR ESCROW COMPANY

Ideally, you would ask your real estate agent to recommend two or three different escrow companies. Then you would choose. If

you don’t have an agent, you’ll find escrow companies listed in the yellow pages of your phone book under either Real Estate

Escrow or Real Estate Title Insurance.

In most cases, escrow companies work closely with specific title insurance companies. This aids in selecting both the escrow and

the title insurance company at the same time.

LIFE OF THE ESCROW

Receive and review escrow and pertinent information

PRELIMINARY REPORT

TITLE INSURANCE COVERAGE

FULL DISCLOSURE

WHAT IS PAYOFF

the sub-escrow (payoff) function.

THE APPRAISAL

INSPECTION PROCESS

WHO PAYS WHAT?

July 1—new fiscal year begins. Tax year runs through next July 1.

JUL

AUG

SEP

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUN

Tax bills mailed last week of October

First installment due November 1st.

First delinquent—December 10th.

Assessment date—January 1st.

Second installment due February 1st

Second installment delinquent April 10th

Last day to file for Veterans or homeowners exemptions 100% -

April 15th and file by December 1st for 80%

PROPERTY TAX CALENDAR S

econ

d I

nsta

llme

nt Ja

nua

ry 1

st to

Ju

ne

30th

F

irst In

sta

llme

nt Ju

ly 1

st to

Decem

ber

31st

SIGN-OFF AND MORE

TIPS FOR A STRESS FREE MOVE

MOVING CHECKLIST

MOVING CHECKLIST

NOTIFICATION CHECKLIST

TIPS FOR MOVING WITH KIDS

TIPS FOR MOVING WITH PETS

GLOSSARY OF TITLE TERMS

ACCELERATION CLAUSE: A clause in a Deed of Trust

or Note that accelerates or hastens the time when the

debt becomes due. For example, most deeds of trust of

loans contain a provision that the note shall become due

immediately upon the sale or transfer of title of the loan, or

upon failure to pay an installment of principal or interest.

This is also called a due on sale clause.

ACKNOWLEDGMENT: A formal declaration made before

an authorized official (usually a notary public), by the

person who has executed (signed) a document, that such

execution is his/her own act and deed. In most instances

a document must be acknowledged (notarized) before it

can be accepted for recording.

ADJUSTABLE RATE MORTGAGE (ARM): A mortgage

with an interest rate that changes over time in line with

movements in the index. ARMs are also referred to as

AMLs (adjustable mortgage loans) or VRMs (variable rate

mortgages).

ADJUSTMENT PERIOD: The length of time between

interest rate changes on an ARM. For example, a loan

with an adjustment period of one year is called a one-year

ARM, which means that the interest rate can change once

a year.

AFFIDAVIT: A sworn statement in writing, made before

an authorized official.

AGENCY: Any relationship in which one party (agent)

acts for or represents another (principal) under the

authority of the principal. Agency involving real property

should be in writing, such as listing, trust, powers or

attorney, etc.

A.L.T.A.: Abbreviation for the American Land

Title Association

AMORTIZATION: Repayment of a loan in equal

installments of principal and interest, rather than

interest-only payments.

ANNUAL PERCENTAGE RATE (APR): The total

finance charges (interest, loan fees, points) expressed

as a percentage of the loan amount.

APPRAISAL: An opinion of value based on factual

analysis. Legally, an estimation of value by two

disinterested persons of suitable qualifications.

ASSESSMENTS: Specific and special taxes (in addition

to normal taxes) imposed on real property to pay for

public improvements within a specific geographic area.

ASSUMPTION OF MORTGAGE: A Buyer’s agreement to

assume the liability under an existing note that is secured

by a mortgage or deed of trust. The lender must approve

the buyer in order to release the original borrower (usually

the seller) from liability.

ATTORNEY-IN-FACT: An agent authorized to act for

another under the power of attorney.

BALLOON PAYMENT: A lump sum principal payment

due at the end of some mortgages or other long

term loans.

BENEFICIARY: As used in trust deed, the Lender is

designated as the beneficiary, i.e. obtains the benefit

of the security.

BINDER: Sometimes known as an offer to purchase

or an earnest money request. A binder is the

acknowledgement of a deposit along with a brief written

agreement to enter into a contract for the

sale of real estate.

BORROWER: One who borrowers funds, with the

express or implied intention of repaying the loan in full,

or giving the equivalent.

CAP: The limit on how much an interest rate or monthly

payment can change, either at each adjustment or over

the life of the mortgage.

CC&R’s: Covenants, Conditions and Restrictions. A

document that controls the use, requirements and

restrictions of a property.

GLOSSARY OF TITLE TERMS

CERTIFICATE OF REASONABLE VALUE (CRV):

A document that establishes the maximum value and loan

amount for a VA guaranteed mortgage.

CLOUD ON TITLE: An invalid encumbrance on real

property, which, if valid, would affect the rights of the

owner. For example: A sells lot 1, tract 1 to B. The deal is

mistakenly drawn to read lot 2, tract 1. A cloud is created

on lot 2 by the recording of the erroneous deed. The cloud

may be removed by quitclaim deed, or if necessary, by

court action.

CONVENTIONAL LOAN: A mortgage loan which is not

insured or guaranteed by a governmental agency.

CLOSING STATEMENT: The financial disclosure

statement that accounts for all of the funds received

and accepted at the closing, including deposits for taxes,

hazard insurance and mortgage insurance.

CONDOMINIUM: A form of real estate ownership.

The owner receives title to a particular unit and has a

proportionate interest in certain common areas. The

unit itself is generally a separately owned space whose

interior surfaces (walls, floors and ceilings) serve as

its boundaries.

CONTINGENCY: A condition that must be satisfied before

a contract is binding. For instance, a sales agreement

may be contingent upon the buyer obtaining financing.

CONVENTIONAL MORTGAGE: A mortgage or deed

of trust not obtained under a government insured program

such as FHA or VA.

CONVERSION CLAUSE: A provision in some ARMs

that enables you to change the ARM to a fixed-rate loan,

usually after the first adjustment period. The new fixed

rate is generally set at the prevailing interest rate for fixed

rate mortgages. This conversion feature may cost extra.

CONVEYANCE: Transfer of title to land. Includes most

instruments by which an interest in real estate is created,

mortgaged or assigned.

COOPERATIVE: A form if multiple ownership in which a

corporation or business trust entity holds title to a property

and grants occupancy rights to shareholders by means of

proprietary leases or similar arrangements.

CRB: Certified Residential Broker. To be certified, a

broker must be a member of the National Association

of Realtors, have five years experience and a licensed

broker and have completed five requires Residential

Division courses.

DEED: Written instrument by which the ownership

of land is transferred from one person to another.

DEED OF TRUST: Written instrument by which the

ownership of land is transferred to a trustee as security

for a debt or other obligation. Also called trust deed. Used

in place of mortgage in many states.

DEPOSIT RECEIPT: Used when accepting “Earnest

Money” to bind an offer for property by a prospective

purchaser, also includes terms of a contract.

DOCUMENTARY TRANSFER TAX: A state tax on the

sale of real property, based on the sales price.

DUE-ON-SALE CLAUSE: An acceleration clause that

requires full payment of a mortgage or deed of trust when

the secured property changes ownership.

EARNEST MONEY: The portion of the down payment

delivered to the seller or escrow agent by the purchaser

with a written offer as evidence of good faith.

EASEMENT: A right to power of the government to

take property for a public purpose upon payment of

just compensation.

ENCUMBRANCE: A claim, lien, charge, or liability

attached to and binding real property. Any right to, or

interest in, land which may exist in one other than the

owner, but which will not prevent the transfer of fee title.

ESCHEAT: The reversion of property to the state

when an owner dies leaving no legal heirs, devisees

or claimants.

FAIR CREDIT REPORTING ACT: A federal law giving

one the right to see his/her credit report so that error may

be corrected. A lender refusing credit based on a credit

report must inform the buyer which company issued the

report. The buyer may see the report without charge if

refused credit.

ESCROW: A procedure in which a neutral third party acts

as a stakeholder for both the buyer and seller, carrying out

both parties instructions and assuming responsibility for

handling all of the paperwork and distribution of funds.

FHA LOAN (Federal Housing Administration): A

federal agency, created b the National Housing Act of

1934, for the purpose of expanding and strengthening

home ownership by making private mortgage financing

possible on a long-term, low down payment basis. The

vehicle is a mortgage insurance program, with premiums

paid by the homeowner, to protect lenders against loss on

these higher-risk loans. Since 1965, FHA has been part of

the newly created Department of Housing and Urban

Development (HUD).

FEE SIMPLE: An estate in which the owner has

unrestricted power to dispose to the property as he

wishes, including leaving by will or inheritance. It is

greatest interest a person can have in real estate.

FIANCE CHARGE: The total cost a borrower must pay,

directly or indirectly, to obtain credit according to

Regulation Z.

FEDERAL NATIONAL MORTGAGE ASSOCIATION

(FNMA): Popularly known as Fannie Mae. A privately

owned corporation created by Congress to support the

secondary mortgage market. It purchases and sells

residential mortgages by FHA or guaranteed by the

VA, as well as conventional home mortgage

GRADUTATED PAYMENT MORTGAGE: A residential

mortgage with monthly payments that start at a low level

and increase at a predetermined rate.

GRANT: A transfer of real property.

GRANTEE: The person whom a grant is made.

GRANTOR: The person who makes the grant.

GRI: Graduated Realtors Institute. A professional

designation granted to member of the National

Association of Realtors who has successfully completed

three courses covering Law, Finance and Principles of

Real Estate.

HOME INSPECTION REPORT: A qualified inspector’s

report on a property’s overall condition. The report

usually includes an evaluation of both the structure

and mechanical systems.

HOME WARRANTY PLAN: Protection against failure

of mechanical systems within the property. Usually

includes plumbing, electrical, heating systems and

installed appliances.

IMPOUND ACCOUNT: Funds retained by a lender

to cover such items as taxes and hazard insurance

premiums.

INDEX: A measure of interest rate changes used to cover

such items as taxes and hazard insurance premiums.

JOINT TENANCY: An equal undivided ownership of

property by two or more persons. Upon death of an

owner, the survivors take the decedent’s interest in

the property.

LEASE: An agreement by which an owner of real

property gives the right of possession to another for a

specific period of time and for specified consideration

(rent). Title does not pass.

LEGAL DESCRIPTION: A method of geographically

identifying a parcel of land sufficient to identify the

property such as a lot and tract number.

.

GLOSSARY OF TERMS

LIEN: An encumbrance against property for money, either

voluntary or involuntary. All liens are encumbrances but all

encumbrances are not liens.

LIS PENDENS: A legal notice recorded to show pending

litigation relating to real property and giving notice that

anyone acquiring an interest in said property subsequent

to the date of the notice may be bound by the outcome of

the litigation.

LOAN COMMITMENT: A written promise to make a loan

for a specified amount on specified amount on specified

terms.

LOAN-TO-VALUE RATIO: The relationship between

the amount of the mortgage and the appraised value

of the property, expressed as a percentage of the

appraised value.

MARGIN: The number of percentage points the lender

adds to the index rate to calculate the ARM interest rate

at each adjustment.

MARKETABLE TITLE: Title which can be readily

marketed (sold) to a reasonably prudent purchaser

aware of the facts and their legal meaning concerning

lien and encumbrances.

MECHANICS LIEN: A lien created by statute for the

purpose of securing priority of payment for the price

or value of work performed and materials furnished in

construction or repair of improvements to land and which

attaches to the land as well as the improvements.

MORTGAGE BANKER: A company or individual

engaged in the business of originating mortgage

loans with its own funds, selling those loans to long-term

investors and servicing the loans for the investor until

they are paid in full.

MORTGAGE INSURANCE: Insurance written by an

independent mortgage insurance company protecting

the mortgage lender against loss incurred by a mortgage

default, thus enabling the lender to lend a higher

percentage of the sale price. The Federal government

writes this form of insurance through the FHA and VA.

MORTGAGE LIFE INSURANCE: A type of term life

insurance often bought by mortgagors. The coverage

decreases as the mortgage balance declines. If the

borrower dies while the policy is in force, the debt is

automatically covered by insurance proceeds.

NEGATIVE AMORTIZATION: This occurs when monthly

payments fail to cover the interest cost. The interest that

isn’t covered is added to the unpaid balance, which

means that even after several payments you could owe

more than you did at the beginning of the loan. Negative

Amortization can occur when an ARM has a payment cap

that results in monthly payments that aren’t high enough

to cover the interest.

NOTE: A unilateral agreement containing an express and

absolute promise of the signer to pay to a named person,

order, or bearer, a defined sum of money at a specified

date or on demand. Usually provides for interest and,

concerning real property, is secured by a mortgage or

trust deed.

NOTICE OF DEFAULT: A notice filed to show that the

borrower under a mortgage or deed of trust is in default

(behind on the payments).

ORGINATION FEE: A fee or charge for work involved

in evaluating, preparing and submitting a proposed

mortgage loan. The fee is limited to 1 percent for FHA

and VA loans.

PERSONAL PROPERTY: Moveable property: all

property which is not real property. Property consisting

of chattels as contrast as to real estate; e.g. furniture,

car, clothing.

PIGGYBACK LOAN: A loan made jointly by two or

more lenders on the same property under one mortgage

or trust deed.

PITI: Principal, Interest, Taxes and Insurance.

GLOSSARY OF TERMS

PLANNED UNIT DEVELOPMENT (PUD): A zoning

designation for property developed at the same or

slightly greater overall density than conventional

development, sometimes with improvements clustered

between open, common areas. Uses may be residential,

commercial or industrial.

POINT: An amount equal to 1 percent of the principal

amount of the investment or note. The lender assesses

loan discount points at closing to increase the yield on

the mortgage to a position competitive with other types

of investments.

POWER OF ATTORNEY: An authority by which one

person (principle) enables another (attorney-in-fact) to

act for him/her. (1) General power – authorizes sale,

mortgaging, etc., of all property of the principle. This is

invalid in some jurisdictions. (2) Special power specifies

property, buyers, price and terms. How specific it must

be varies in each state.

PRELIMINARY TITLE REPORT: A report showing the

condition of title before a sale or loan transaction. After

completion of the transaction, a title insurance policy

is issued.

PRE-PAYMENT PENALTY: A fee charged to a mortgagor

who pays a loan before it is due. This is not allowed with

FHA or VA loans.

PRIVATE MORTGAGE INSURANCE (PMI): Insurance

written by a private company protecting the lender against

loss if the borrower defaults on the mortgage.

PROMISORRY NOTE: A promise in writing, and executed

by the maker, to pay a specified amount during a limited

time, or on demand, or at sight, to a named person, or on

order, or to bearer.

PRORATION: To divide (prorate) property taxes,

insurance premiums, rental income, etc., between

buyer and seller proportionally to time of use, or the

date of closing.

PURCHASE AGREEMENT: A written document in

which the purchaser agrees to buy certain real estate

and seller agrees to sell under stated terms and

conditions. Also, called a sales contract, earnest

money contract or agreement for sale.

QUITCLAIM DEED: A deed operating as a release:

intended to pass any title, interest, or claim which the

grantor may have in the property, but not containing

any warranty of a valid interest or title in the grantor.

REAL PROPERTY: L and buildings as opposed to

personal property or chattels.

REALTOR: A real estate broker or associate active in

a local real estate board affiliated with the National

Association of Realtors.

RECONVEYANCE: An instrument used to transfer title

from a trustee to the equitable owner of real estate,

when title is held as collateral security for a debt. Most

commonly used upon payment in full of a trust deed.

Also, called a deed of reconveyance or release.

RECORDATION: Filing for record in the office of

the county.

REGULATION Z: The set of rules governing

consumer lending issued by the Federal Reserve

Board of Governors in accordance with the Consumer

Protection Act.

RIGHT OF SURVIVORSHIP: The right of a

survivor of a deceased person to the property of said

deceased. A distinguishing characteristic of a joint

tenancy relationship.

STATEMENT OF IDENTITY: Also called Statement

of Information, a confidential for filled out by the buyer

and seller to help a title company determine if any liens

are recorded against either. Very helpful when people

with common names are involved. property of the one

owing taxes.

GLOSSARY OF TERMS

TAX LIEN: (1) A lien for nonpayment of property taxes.

Attaches only to the property upon which the taxes are

unpaid. (2) A federal income tax lien. May attach to all

property of the one owing taxes.

TENANCY IN COMMON: A type of joint ownership

of property by two or more persons with no right

of survivorship.

TITLE: Evidence of a person’s right or the extent of his

interest in property.

TITLE INSURANCE POLICY: A policy that protects the

purchaser, mortgagee or other party against losses.

TRANSFER TAX: State tax on the transfer of real

property. Based on purchase price or money exchanging

hands. Also called documentary transfer tax.

TRUSTEE: (1) One who is appointed, or required by law,

to execute trust. (2) One who holds title to real property

under the terms of a deed of trust.

TRUSTOR: The borrower under deed of trust. One

who deeds his/her property to a trustee as security for

the repayment of a loan.

VA LOAN: A loan that is partially guaranteed by the

Veterans Administration and made by a private lender.

VETERANS ADMNISTRATION (VA): An independent

agency of the federal government created by the service

men’s readjustment act of 1944 to administer a variety

of benefit programs designated to facilitate the adjustment

of returning veterans to civilian life. Among the benefit

programs is the home loan guaranty program designated

to encourage mortgage lenders to offer a long-term low

down payment financing to eligible veterans by

guaranteeing the lender against loss on these higher-risk

loans.

WRAP-AROUND MORTGAGE: A second or junior

mortgage with a face value of both the amount is

secures and the balance due under the first mortgage.

The mortgage under the wrap-around collects a payment

based on its face value, then pays the first

GLOSSARY OF TERMS